Ryan Flores wins 40-lap Gambler's Classic auto race at Boardwalk Hall - Press of Atlantic City

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Ryan Flores leads Tim Buckwalter through a turn on their way to a 1-2 finish at the Gambler's Classic at Jim Whelan Boardwalk Hall on Saturday.

Flores celebrates his victory. Flores, formerly of Manasquan, lives in Huntersville, North Carolina.

Ryan Flores celebrates his victory in the Gambler’s Classic indoor auto race Saturday night at Jim Whelan Boardwalk Hall in Atlantic City.

The start of the 40-lap Gambler's Classic at Jim Whelan Boardwalk Hall on Saturday.

Guy Gargan

Ryan Flores went from third place to first due to a crash by the two leaders at the 19th Gambler’s Classic indoor auto race Saturday night at Jim Whelan Boardwalk Hall.

Flores, formerly of Manasquan and now from Huntersville, North Carolina, held off another challenge to win the 40-lap feature race for the second time. He also won the Gambler’s Classic in 2018.

The race in the Three-quarter (TQ) Midgets division was the headline event of the two-day NAPA KNOW HOW Weekend at the Hall’s indoor oval. The event went off as scheduled despite the blizzard Friday night into Saturday.

Flores was in third place and took advantage of a crash involving leaders Erick Rudolph, of Ransomville, New York, and Andy Jankowiak, of Tonawanda, New York, 25 laps into the race.

Rudolph and Jankowiak battled for first and went spinning. Rudolph, the Gambler’s Classic winner in 2012, 2015 and 2017, stopped and restarted at the back of the field. Jankowiak, the winner off the two most recent Gambler’s Classics in 2019 and 2020, did not stop and was penalized and sent to the rear for his role in the accident.

Flores held off a late rally by Tim Buckwalter on the final lap. Buckwalter, of Douglasville, Pennsylvania, finished second. Briggs Danner, of Allentown, Pennsylvania, was third. Fourth was Matt Janisch, of Nazareth, Pennsylvania, and Rudolph managed to get fifth.

Scott Kreutter, of Aiden, New York, placed sixth, and Joey Bailey, of Monroe, finished seventh. Ryan Bartlett, of Watertown, New York, was eighth. Janisch’s performance to go from 25th place at the start to finish fifth earned him the Hard Charger award in the race.

The NAPA KNOW HOW Weekend was the second event of three in the Indoor Auto Racing Championship Series Fueled by VP Racing Fuels. Flores won the TQ Midget feature race of the first event, Jan. 7-8 in Allentown, Pennsylvania. The final event of the series is on March 11-12 in Syracuse, New York.

Dan Marsden, a first-time entry in the Champ Kart division, won the 25-lap feature race in Allentown. Brett Bieber, of Oley, Pennsylvania, was the winner of the Slingshot division’s 25-lap feature.

Series champions in all three divisions will be named after the Syracuse races.

Contact Guy Gargan: 609-272-7210

GGargan@pressofac.com

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Auto Marketing Company Banned from Industry Under FTC Order - Federal Trade Commission News

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A marketing services company and its owner will be banned from the auto industry under an Order issued by the Federal Trade Commission after the Commission found that they illegally misled consumers to believe their websites were affiliated with a government stimulus program and sent consumers deceptive mailings about prizes they had supposedly won.

In an opinion and order issued in October, the Commission ruled that Traffic Jam Events, Inc. and its owner, David J. Jeansonne, II, violated both the FTC Act and the Truth in Lending Act (TILA). The Commission concluded the company’s practices were deceptive and unfair to consumers in multiple ways.

The Commission found that the company sent numerous misleading mailings to entice consumers to auto sales sites by suggesting that these sites were affiliated with a government COVID-19 stimulus program when in fact the sales were not part of any such program. The mailers included lines like “IMPORTANT COVID-19 ECONOMIC STIMULUS DOCUMENTS ENCLOSED,” displayed the likeness of the Great Seal of the United States and contained a mock check, labeled “Stimulus Relief Program.”

In addition, the Commission determined that Traffic Jam and Jeansonne sent direct mail advertisements that deceptively indicated that consumers had won specific, valuable prizes—such as $2,500 or $5,000 cash—that the consumer could collect once they visited the car dealership.

Upon appearing to claim the prizes, however, consumers would learn that they had not won the indicated prize. The opinion cites complaints from consumers who responded to mailers that promised significant cash and were offered nominal door prizes instead, including one who drove an hour to get to a dealer only to find that they “Walked in for money, came out with bootlegged airpods.”

The Commission noted that the company and Jeansonne persisted in conducting these unlawful prize mailings despite entering into three prior consent orders with state authorities that identified their ads as deceptive.

The Commission also found that that the company’s mailers violated TILA’s requirements for advertising “closed-end credit” like car loans. Specifically, the company’s mailers prominently quoted monthly payments to purchase vehicles on credit, but did not provide, or hid in small print, key financing terms required by law that consumers need to determine the true cost of the advertised loans.

The Commission’s order bans Traffic Jam and Jeansonne from advertising, selling or leasing automobiles for 20 years. The order also prohibits them misrepresenting any material fact while marketing any product or service of any kind, as well as from any further violations of TILA’s disclosure requirements.

The Commission vote to issue the opinion and order in this matter was 4-0. The respondents have petitioned the Fifth Circuit Court of Appeals for review of the Commission’s opinion and order.

NOTE: When the Commission issues an order on a final basis, it carries the force of law with respect to future actions. Each violation of such an order may result in a civil penalty of up to $46,517.

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Stellantis claims China performance turnaround - just-auto.com

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Aftermarket consolidation has also been a priority for PSA/Stellantis in recent years

Stellantis says it strengthened its business position in China, ‘laying a solid foundation for the company’s long-term expansion’.

Dongfeng Peugeot Citroën Automobile Co., Ltd (DPCA), the joint venture formed by Stellantis and China Dongfeng Motor Corporation, sold over 100,000 vehicles in 2021, more than doubling the annual sales volume of 2020.

Stellantis says this business performance made 2021 the turnaround year for DPCA. Of the more than 100,000 vehicles, around 9,300 New Energy Vehicles (NEV) were sold, which has made DPCA a net contributor of NEV and CAFC (Corporate Average Fuel Consumption) credits of Stellantis in China.

The company also says the turnaround allowed significant improvement of DPCA’s financial situation, setting the stage for the new DPCA strategy.

“Since day one of Stellantis, we analysed the situation together with our partners and we are now finalising our plans for China, which we consider as a strategic market in terms of untapped potential,” said Grégoire Olivier, Chief Operating Officer – China, Stellantis.

Aftermarket operations restructured

In the area of independent aftermarket, after an initial investment in the independent spare parts distributors of Shanghai JianXin and Shandong United Auto Parts (UAP) in 2018, and then Fujian Longstar in 2019, Stellantis says it has now taken control of UAP, merging the three entities into one integrated national distributor. The mover creates the fourth largest spare parts distributor in terms of sales turnover in the independent aftermarket business in China.

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With a 53.5% stake in the newly integrated spare parts distributor, Stellantis says it has significant growth potential ahead. In 2021, this business had a sales turnover of €176 million in the independent after market in China.

Additional details on Stellantis’ plan for the Chinese market will be announced within the global strategic plan on March 1, 2022.

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Tech, auto stocks lead European shares lower; LVMH shines - Reuters

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The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, January 25, 2022. REUTERS/Staff

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• STOXX eyes worst month since October 2020
• Retail stocks outperform
• France sees robust growth in 2021; Germany contracts in Q4

Jan 28 (Reuters) - European shares fell as much as 2% on Friday, dragged down by auto and technology stocks, amid prospects of higher interest rates and geopolitical tensions in Ukraine.

The pan-European STOXX 600 was down 1.4%, paring some losses after falling as much as 2% earlier in the day, and on track for its fourth straight weekly decline.

Euro zone bond yields rose following the hawkish message that emerged from the U.S. Federal Reserve policy meeting earlier this week.

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"There's a whole lot to make investors nervous at the moment, and today seems to be the day European markets are really waking up to what the Fed's increasingly hawkish stance will mean for all that cash sloshing around," AJ Bell financial analyst Danni Hewson said.

Russia on Friday sent its strongest signal so far that it is willing to engage with U.S. security proposals and reiterated that it does not want war over Ukraine. read more

"As we're approaching the weekend, a lot could happen in relation to the situation on the Ukrainian border and Russian troops," David Madden, market analyst at Equiti Capital, said.

"The fear is that stock markets are closed for a 48-hour period, and what happens as tensions get ratcheted up in that timeframe is a huge deal."

Technology stocks (.SX8P) were the top decliners and fell 2.1%, tracking their worst month since 2008.

Adding to the gloom, euro zone economic sentiment deteriorated in January, pulled down by a more downbeat sentiment in the industry and services sectors.

Meanwhile, France posted its strongest growth in over five decades last year, hitting 7%, as the euro zone's second-biggest economy bounced back from the COVID-19 crisis faster than expected, data showed. read more

However, the German economy, Europe's largest, contracted more than expected in the fourth quarter of last year as pandemic-related restrictions hampered activity. read more

Auto stocks (.SXAP) also led losses on the benchmark, with shares in Volvo (VOLVb.ST) falling 2.4% after the Swedish truck maker reported lower fourth-quarter core earnings and proposed a smaller-than-expected dividend. read more

Luxury goods maker LVMH (LVMH.PA) rose 1% after saying quarterly sales growth accelerated, while Signify NV (LIGHT.AS), the world's largest lighting maker, jumped 9.5% after reporting higher quarterly earnings. read more

Sweden's H&M (HMb.ST) gained 2.4% after the fashion retailer posted a bigger profit rise than expected for the September-November period. read more

Home appliances maker Electrolux dropped 5.4% after saying global supply chain issues will linger and reported a drop in fourth-quarter profit. read more

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Reporting by Anisha Sircar and Susan Mathew in Bengaluru; Editing by Shinjini Ganguli and Shounak Dasgupta

Our Standards: The Thomson Reuters Trust Principles.

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After 5-Plus Decades, Brown Retires From Herb Connolly Auto Group – Framingham SOURCE - framinghamsource.com

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FRAMINGHAM – Today, January 27 was Justin Brown’s last day with the Herb Connolly Auto Group in Framingham.

After 54 years with the company, he retired from the Route 9 dealership, and is moving to Florida.

At age 17, Brown took a job as a car jockey working for Herb Connolly Jr. at the Connolly Buick Dealership in 1968 on Commonwealth Avenue.

He made the move with Herb Connolly Jr. from Boston to the Framingham location in 1975, where he quickly advanced from service advisor to the long-time Service Manager.

***

Photos submitted to SOURCE media.

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Jon Barinholtz helps drive the comedy engine in 'American Auto' - New York Post

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Jon Barinholtz can thank a bit of serendipity for shifting NBC workplace comedies from the big-box world of “Superstore” to “America Auto” and its sideways take on the auto industry.

“This project came to me while I was still on ‘Superstore,'” said Barinholtz, 42, who played Marcus White, the sophomoric, dim-bulb warehouse supervisor on the sitcom, created by Justin Spitzer (it ended its run last March). “Justin approached me about a show he was going to take out for pilot season — this was 2019 — and without even reading the script I knew it was going to be amazing.”

That series was “American Auto” and Barinholtz snared a co-starring role, but COVID shut production down in 2020 just as shooting was about to begin. “I thought it was going to go away as so many pilots did,” he said. “But, at the same time, ‘Superstore’ got picked up for a sixth season — and then [‘American Auto’] got the go-ahead as ‘Superstore’ ended.”

“American Auto,” airing Tuesdays at 8 p.m., revolves around life at struggling auto giant Payne Motors. Ana Gasteyer plays its newly imported CEO, Katherine Hastings, who knows absolutely nothing about cars (she doesn’t even drive) and relies on her motley-crew staff for guidance — including Wesley Payne (Barinholtz), the ne’er-do-well great-grandson of the company’s founder. He’s always in the office and in the thick of things — but no one seems to know exactly what he does there.

Jon Barinholtz as Marcus White in “Superstore,” which ended its six-season run last March.

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“He’s essentially an unfirable consultant,” Barinholtz said. “He’s not a good guy but he’s not a horrible guy. Marcus was a little more of a doofus and a goofball than Wesley, who read more prickly on the page and was originally written as a bit older than me. He’s kind of like a jerk … but I try to find his lovable side.

“He’s the type of person you may not want to hang around with but you agree to grab a beer with him — and then regret it.”

Spitzer told The Post that he had Barinholtz in mind for a role on “American Auto” from the get-go. “He’s one of my favorite actors and he’s delightful and just so funny,” he said. “I can’t count the number of times on ‘Superstore’ where we didn’t know how to get out of a scene and I said to the editor, ‘Let’s just look through the improv Jon gave us and we’ll probably find something.’

“You can just lean on him.”

“American Auto” is one of two TV projects in which Barinholtz is currently involved. He co-created and co-stars (as overweight baggage handler Mikey) in the animated Netflix series “Chicago Party Aunt,” which premiered last fall with star Lauren Ash — who played martinet boss Dina on “Superstore” — as Diane Dumbrowski, a Windy City hairdresser with a heart of gold. His brother, actor Ike Barinholtz, plays Mark, who’s married to Diane’s sister, Bonnie (Jill Talley).

Lauren Ash and Jon Barinholtz as Diane and Mikey in “Chicago Party Aunt” (Netflix).

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“We have the next eight episodes that will drop this year, although there’s no release date yet,” Barinholtz said. “I’m really excited for people to check that out; we really go pedal-to-the-metal in the second half. We wrote all 16 [episodes] together and built the story arc throughout. Lauren’s Canadian and there’s a bridge there, a Chicago to Canada niceness, and she exudes that in Diane, who’s an over-the-top character but, at her core, operates out of love.

“We knew the second she read for the part that Lauren was the right person.”

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Mazda2 becomes two for 2022 - just-auto.com

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Pricing for the 2022 Mazda2 starts at GBP16,575 (75 PS SE-L) and rises to GBP20,945 (115 PS GT Sport Tech)

I’ve been driving the 2022 model year Mazda2, a slight refresh of the built-in-Japan small hatchback that’s been around for more years than is typical for the company’s cars. Not that dating to 2014 makes it feel old; rather that the brand’s models have traditionally been on life cycles of four to six years. The 6 is another exception to the norm: should it still exist in August, that will mark a decade of production.

The little 2 retains the snazzy looks, the model year changes being centred on new model grades and fewer emissions, these falling by up to 14 g/km. More on that in a moment.

What’s just as noteworthy is what Mazda Motor Europe decided to do in order to lift sales numbers in the B segment and also help itself with fleet average CO2. The solution is to have a lightly modified version of the Yaris Hybrid, the car rolling off the same line in France as the Toyota original. To be clear, both cars are called Mazda 2 but the Toyota-based one is the Mazda 2 Hybrid.

Announced only a few weeks ago, the Hybrid will be in dealerships from March or April. The powertrain is a turbocharged 1,490 cc three-cylinder petrol engine plus two motors, driving the front axle. Engine power and torque are 85 kW (116 PS) and 169 Nm (125 lb ft). The first motor produces 59 kW (80 PS) and helps to power the car, while the second one fires the engine and charges a battery.

To go back to the non-hybrid, Mazda-made 2, this car obviously looks completely different and had its last facelift in 2019. The name also became standardised at the same time: until then it had been the Mazda Demio in Japan and certain other countries.

In a mirror-image strategy of what will soon commence here, the 2 (a sedan and a hatchback) built in Mexico was also briefly available elsewhere in The Americas with Toyota Yaris badges. It didn’t sell too well in the US and Canada, the imports which started in 2019 ending after fewer than twelve months.

In addition to production in Japan and Mexico, build has been or still is at plants in Thailand, China and Vietnam. Worldwide, the car remains a major success, especially in Asia. It has also done well in Britain and many left-hand drive European markets so the latest update is understandable – the new 2 Hybrid is all well and good but there is still demand for the ICE-only original.

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Over the years, there have been a few engine options in this car, such as 1.3- and 1.5-litre four-cylinder petrol units, as well as a 1.5-litre diesel. Now though it’s just the one low emissions 1,496 cc Skyactiv-G petrol mild hybrid. There are though three levels of power, these being 55 kW (75 PS), 66 kW (90 PS) and 85 kW (115 PS).

The 2022MY range builds on certain tweaks which were new for 2020, the recent changes also including modifications to the car’s dynamics. For example, there’s now a urethane top mount in the rear dampers and the steering is claimed to be more responsive (it is). Further, what Mazda calls its G-Vectoring Control Plus (GVC Plus) now also employs the brakes – formerly the engine only – to apply direct yaw movement control.

Whilst the company isn’t calling it a new engine, there have certainly been important revisions in the quest to bring down the CO2 number. One such is the compression ratio being increased from 13.1 to 15.1 and the exhaust manifold now having a 4-2-1 pattern instead of 4-1.

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Emissions have dropped by 11 to 14 g/km depending on engine and gearbox, one of the most improved being the 90 PS Sport manual which goes from 120 g/km to 107. Average official economy is also better.

Along with the brand’s reputation for building vehicles which never seem to die plus strong residuals, standard equipment is another reason why this little car does well in the UK. For 2022, navigation, cruise control, integrated Bluetooth and air conditioning are fitted to even the base variant. Sport, which is one level up, adds wireless Apple CarPlay.

The press tester was a GT Sport and that has a reversing camera, a colour head-up display and heating for the front seats/steering wheel. The most expensive trim is new and called GT Sport Tech. Additional equipment includes blind spot monitoring, a 360-degree camera, smart city brake support in reverse and adaptive LED headlights.

One of the things which Mazda really got right when it first launched this car was the cabin. It still manages to offer both generous amounts of room and high-quality materials. The design and layout really don’t look too dated either and there is an overall less-is-more approach to everything, which adds to the spacious, almost premium atmosphere.

Along with the praise, there are some areas where the 2 has been left behind by newer models in the same class, such as boot capacity (280 l) and if you like that sort of thing, more digital controls. Some cars of the same size (this one is 4,070 mm long and 1,695 mm wide) have sharper handling too. On the outside, it still looks well proportioned and a good selection of very 2020s colours also helps.

It’s not hard to see Mazda greatly improving on the 2’s sales performance this year compared to last, the update being a worthwhile one and the car still offering a good balance of value and low cost of ownership.

The review car, a top-spec 115 PS GT Sport Tech, has a maximum speed of 124 mph, reaches 62 mph in 9.1 seconds and returns a Combined 56.5 mpg.

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Auto Lenders Can See This Pothole Coming - The Wall Street Journal

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One of the drivers of high used-car prices and demand has been tight inventory at auto dealers.

Photo: Matthew Hatcher/Bloomberg News

Bank investors might be betting that rising used-car values will hit the skids. Maybe they should slow their roll.

For auto lenders, soaring used-vehicle demand and rising prices have factored into fast-loan growth coupled with high recovery values on loans and leases. But Ally Financial said last week that it is embedding a potential 15% to 20% cumulative decline in used-auto values by the end of 2023 into its assumptions.

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Bank investors might be betting that rising used-car values will hit the skids. Maybe they should slow their roll.

For auto lenders, soaring used-vehicle demand and rising prices have factored into fast-loan growth coupled with high recovery values on loans and leases. But Ally Financial said last week that it is embedding a potential 15% to 20% cumulative decline in used-auto values by the end of 2023 into its assumptions.

It is natural for lenders and investors to anticipate the end of the current used-vehicle boom, and valuations of banks with big auto-finance businesses seem to partly reflect that. Lenders such as Ally and Capital One Financial are trading at forward price-to-earnings valuations that are relatively low compared with where they normally trade versus S&P 500 banks overall, according to FactSet data.

But investors shouldn’t overcorrect, either. Industry-tracker Cox Automotive has forecast that the Manheim index of used-car prices will be a mere 3% lower by this December than it was in December 2021. Perhaps a price decline could accelerate quickly the following year. For the time being, though, things like the supply-chain snarls for chips that are making new cars take longer to build still appear to be a factor. Ally said that, although it is forecasting cautiously, “recent trends indicate ongoing resilience” in used values.

One of the drivers of high used-car prices and demand has been tight inventory at auto dealers. Ally and Huntington Bancshares both noted upticks in dealer credit utilization in their quarterly updates—indicative of needing to finance inventory that isn’t instantly moving off the showroom floor. More new cars on lots might lead to fewer buyers winding up in the used-car market.

However, even new-car makers might still view used as a way to meet demand. Both General Motors and Ford Motor are starting to veer into the used-car market via online platforms. Used vehicles might continue to be the best option for many entry-level buyers, given the general trend toward rising sticker prices for new ones. And The Wall Street Journal just reported that Ford has had to cut off orders for a more-affordable pickup truck.

Even if floors do start to have more vehicles, it also would point to an offset to the current market for lenders: more financing for dealers’ inventories. This commercial lending is often floating rate and would benefit from rising rates in the future, unlike the fixed-rate loans being made now to consumers.

That same trend of scarce inventory has also likely played a role in more vehicles being bought out at the end of leases—meaning that a lease financing provider isn’t able to take an off-lease car and sell it into the hot market. Ally reported that 62% of leases were bought out in 2021, compared with a figure typically closer to 30%, muting lenders’ upside to rising used values to a degree. Falling used-car prices would reduce the gains on selling cars, but they also could lead to more cars winding up in lenders’ hands in the first place.

The relationship between used-car prices and loan size isn’t strictly one-way, either. Lenders have said they are considering the impact of elevated prices when underwriting, which can then be reflected in lower loan-to-value ratios. So, even as car values rise, loan sizes don’t necessarily rise by as much and vice versa and could help cushion some of the future normalization of credit risk and defaults.

Most banks are facing a reckoning because of a normalization of pandemic trends, whether they be savings habits or mortgage refinancing. Investors could navigate these waters by steering toward relative value in auto lenders.

Write to Telis Demos at telis.demos@wsj.com

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Electronic Vehicles Amongthe Highlights at 2022 Washington, DC Auto Show - The Washington Informer

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Upon entering an electric vehicle (EV) briefing at the 2022 Washington, D.C. Auto Show, a full-size electric-powered Metro bus served as the first vehicle on display followed by an informative briefing about the latest trend in personal automobiles.

Tom Stricker, group vice president for sustainability and regulatory affairs at Toyota Motors North America, reviewed how things have rapidly changed in the field of electric vehicles.

“In 2018, Toyota announced we were aiming at 50 percent of our new vehicle fleet globally by 2030 and one million of those would be battery electric vehicles. That has now changed,” Stricker said.

He continued, explaining how COVID-19 along with supply chain challenges and shortages of operational chips have impacted the industry. Still, these issues have not stopped 2021 sales from doubling among battery electric and plug-in hybrid cars.

And with the recent surge in gas prices and increased concerns about carbon emissions and global warming, more consumers have begun to take a serious look at EVs.

EV ADVANCEMENT MEETS PUBLIC POLICY

In 2020, electric vehicles saw a 41 percent increase in global sales. Almost every major manufacturer produces at least one form of an electric model. Government leaders and political figures provide more reasons to go electric including tax credits. Additional incentives can be found with President Biden’s Build Back Better plan.

Another speaker, White House National Climate Adviser Gina McCarthy, expressed confidence that tax credits for electric cars would survive in a reworked Build Back Better climate and social spending bill.

“I’m not seeing any dispute about the need to continue to make sure that these technologies are affordable and accessible to everyone,” said McCarthy, who added she’s optimistic about a growing market for EVs.

“The transportation sector is the largest source of climate pollution in our country and a major contributor to poor air quality,” she said. “EVs just don’t help us reach our air quality goals. When you drive one of these things, you want one.”

WHAT IS AN EV?

Charging an EV correlates to the type of vehicle one owns. The three categories of EVs, which include hybrid-electrics (HEVs), plug-in hybrids (PHEVs) and battery electrics (BEVs), have recently entered the mainstream automobile market at an accelerated rate.

And an EV can be found to fit almost any taste. In a separate Auto Show pavilion, visitors experienced a range of EVs. Options ranged from luxury brands like the 2022 Karma GS6, 2021 Bentley Bentayga Hybrid and McLaren’s Artura, to well-known brand names like Ford Mustang Mach-E, 2023 Subaru Soltera and Toyota BZ4X which would be unveiled at the Auto Show.

Also on display at the Auto Show, there’s Hyundai’s 2022 Tucson Hybrid, ranked #1 by U.S. News and World Report in the hybrid and electric SUV class.

KEEPING UP WITH EV MARKET

Supporting EV sales growth in EV requires investments that yield an increase in electric chargers. Franchised auto dealers report their willingness to spend $3 billion installing electric chargers, purchasing electric equipment, parts and tools and investing in training sales and service staff.

“Auto dealers are not just all in. We are essential to the widespread adoption among mainstream consumers,” said Mike Stanton, president and CEO of the National Automobile Dealers Association.

EVs have moved beyond something for the future. They’re now a part of our lives. Educating consumers counts as the road to success in achieving a balance between emitting carbon and absorbing carbon from the atmosphere according to McCarthy.

“We have the opportunity of a lifetime right now. You realize how fun [EVs] are and are less expensive to make,” said McCarthy about consumer EVs. “We know they give our families and children a chance to live healthier. There is no doubt in my mind that the future of transportation is electric.”

The Washington, D.C. Auto Show continues at the Walter E. Washington Convention Center until Jan. 30. For more information, go to https://ift.tt/3AzxFYa

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Why Auto Parts Stocks Are a Must-Buy for 2022 - Motley Fool

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It's been a difficult few years for the auto industry. Global light vehicle production declined from 2017 to 2020, and the bounce in 2021 was restrained due to the ongoing pandemic and severe supply chain shortages. However, all this is setting up a scenario where production can grow on a multiyear basis.

In particular, auto parts companies with exposure to faster-growth hybrid and electric vehicles (EV) like Autoliv (NYSE:ALV) and Magna International (NYSE:MGA) can do well. Here's why.

Image source: Getty Images.

Demand is high

There's little doubt that the underlying demand for cars is strong. Soaring used and new car prices reflect the demand/supply imbalance right now. For example, the CEO of the largest U.S. automotive retailer, AutoNation's Mike Jackson, said on the company's last earnings release:

Demand continues to outpace supply for new vehicles. New vehicle sales are constrained by reduced production volume with low inventory levels. We expect this pent-up demand to support sales for the foreseeable future.

AutoNation's used-vehicle same-store revenue rose by a whopping 53% on a year-over-year basis in the third quarter, compared to flat performance from new-vehicle same-store revenue growth on the same basis.

Demand for new vehicles is there, but supply is not. However, industry forecasters such as IHSMarkit expect a 9% bounce in global light vehicle production in 2022. Unfortunately, semiconductor shortages will impact the industry "at least until 2023," according to IHSMarkit. Still, there's strong evidence that many supply-chain issues are easing, and production will increase accordingly.

Auto-chip supply is coming

It takes time for new semiconductor capacity to come online, but there's no doubt that it will come. For example, the Semiconductor Equipment Association of Japan forecasts substantial increases in capital spending on semiconductor manufacturing equipment.

Data source: Semiconductor Equipment Association of Japan.

In addition, the largest producers of automotive chips, including Infineon and NXP, are gearing up to increase production. For example, Infineon, the largest auto-chip maker, plans to invest 2.4 billion euros in its fiscal 2022, a figure significantly ahead of the 1.5 billion euros invested in fiscal 2021 and the 1.1 billion euros in 2020.

It's a similar story at NXP, where management plans to make capital expenditures equivalent to more than 8% of revenue in 2022, compared to a 2010 to 2020 average of 5.3%.

These investments, and more, will feed into increased auto-chip supply over time, leading to increased light vehicle production and more revenue for Autoliv and Magna International.

So what about Autoliv and Magna International?

I like these two stocks because they will benefit from increased vehicle production. They can grow more than the market because they have products that can either benefit from increased EV production or not suffer due to a slowdown in internal combustion engine (ICE) vehicle production. There are plenty of options available if you are looking for an attractive EV growth stock to buy, but Autoliv and Magna represent good value stock options. 

Autoliv is a global leader in air bags, seat belts, and steering wheels and plays on the growing emphasis on car safety. Its market share in the passive safety market stands at a mighty 42%, and management plans to carry on increasing market share while benefiting from increased auto production and an increase in content per vehicle. 

Image source: Getty Images.

Magna International's products include those agnostic to a shift to EV production, such as body exteriors, lighting, seating, and mirrors. Meanwhile, its advanced driver assistance systems, battery enclosures, and electric drive systems will benefit from trends in EV production. In addition, management is investing heavily in electrification solutions and expects to double its electric vehicle-related sales between 2023 and 2027.

Good value stocks

Moreover, based on Wall Street analysts' estimates, both stocks are good values. This table shows enterprise value (market cap plus net debt) to earnings before interest, taxation, depreciation, and amortization (EBITDA) for the two stocks. A value of around 11 times EBITDA is typically seen as fair value for a mature stock, so both stocks look a good value right now.

EV/EBITDA	2020	2021(Est)	2022(Est)	2023(Est)
Autoliv	10.9x	9.53x	7.39x	5.9x
Magna International	7.23x	8.12x	6.64x	5.29x

Data source: marketscreener.com

All told, the supply chain issues will get sorted over time, and now looks like a great time to gain exposure to a long slow recovery in auto production.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.

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U.S. auto sales to slip in January on slim inventory, higher prices - Reuters

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Automobiles are shown for sale at a car dealership in Carlsbad, California, U.S. May 2, 2016. REUTERS/Mike Blake/File Photo

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Jan 26 (Reuters) - U.S. auto retail sales are expected to dip in January as reduced manufacturing due to the Omicron variant, supply chain constraints and global inflation caused prices to soar amid high demand, consultants J.D. Power and LMC Automotive said.

Retail sales of new vehicles could fall 8.3% to 828,900 units from a year earlier, according to a report released by the consultants on Wednesday.

"The volume of new vehicles being delivered to dealerships in January has been insufficient to meet strong consumer demand, resulting in a significantly diminished sales pace," said Thomas King, president of the data and analytics division at J.D. Powers.

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The COVID-19 pandemic has caused bottlenecks in supply chains, driving up costs for everything from labor to raw materials. read more

The average new-vehicle retail transaction price in January is expected to reach $44,905, the previous high was in December 2021 at $45,283.

U.S. business activity grew at its slowest pace in 18 months in January as a winter surge in COVID-19 infections worsened worker shortages at factories, though demand remained strong. read more

Total new-vehicle sales for January 2022, including retail and non-retail transactions, are projected to reach 932,099 units, a 15.6% decrease from last year.

The seasonally adjusted annualized rate for total new-vehicle sales is expected to be 14.1 million units, down 2.6 million units from 2021.

Separately, research firm Cox Automotive said on Wednesday new-vehicle sales in January were expected to reach 1.01 million units, a drop of 8.9% compared to January 2021.

Cox Automotive expects seasonally adjusted annual rate to finish near 15.3 million, up from 12.4 million in December, the slowest pace since May 2020.

Despite the added risk, J.D. Power and LMC Automotive expect 2022 global light vehicle sales to improve by 6% to 86.2 million units.

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Reporting by Kannaki Deka in Bengaluru; Editing by Shinjini Ganguli

Our Standards: The Thomson Reuters Trust Principles.

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